- Thread starter
- #701
Yeah, lets not fight over dog food please, at least not on my thread. Thanks. again. one of those subjects never expected to start a battle.
Latestarter's ramblings/musings/gripes and grumbles.
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Southern by choice
Herd Master
OneFineAcre
Herd Master
Not fighting here either ?
When we had our pups I asked Southern about food
I fed them based on what she said
Not necessarily what she fed
Changing the subject
What did you cook from your freezer tonight??
When we had our pups I asked Southern about food
I fed them based on what she said
Not necessarily what she fed
Changing the subject
What did you cook from your freezer tonight??
OneFineAcre
Herd Master
He's a moderator nowSorry LS I didn't know we were fighting over anything.
Got to keep us from arguing
Southern by choice
Herd Master
- Thread starter
- #706
OK, any more from you two and I'm putting you in BYH jail! 
- Thread starter
- #707
Well, everything you say is basically true Jan. However out here it's a seller's market right now and prices are skyrocketing. They really wanted the house so they bid more than it was really worth, knowing that nobody in their "right mind" would out bid them (what they did was smart, but not logical). Since they are doing an FHA loan, the lender will not do a loan for more than 97% (3% down payment required) of the appraised value, and because it's a govt backed loan, I can't "force" them to pay what they bid. It's the way contracts are worded.
Anyway, since it's a FHA loan, it requires an FHA appraiser do the appraisal, ordered by the lender, paid for by the buyer. After what happened in the big (manufactured) mortgage and housing crash, appraisers are completely unwilling to stick their necks out and appraise something higher than what they see has already sold of similar properties (comparables or comps). Obviously, their always has to be a "first" sale that goes above what's already been sold, but it will almost never be a govt backed loan sale, that sets the higher value. It will either be a cash sale or a private loan sale. Just the nature of the beast.
So essentially, I bought this place at $162K in Oct 2013, and that was on a purchase contract of $175K. It was a VA (govt backed) loan. I did 100% VA financing because I'd been recovering from a divorce, credit issues, a foreclosure (yes I lost my home in the big crash), lack of funds, and to use my VA benefit. There's no way I could have come up with the difference to pay in cash. I needed to buy a place to re-establish my credit, which was right at the precipice, and my landlord had cancelled the lease. The appraisal came in ~7% lower than the agreed to sales price. Today, the market has changed, but the buyer is doing an FHA (govt backed) loan, so again the appraised value came in 8% below agreed sales price. Just the way it goes sometimes. The thing is, if it was a cash buyer, the agreed sales price would be what it is. But when there's a lender involved, and even more so if it's govt backed (indicates the buyer doesn't have the funds/credit/ or is trying to take advantage of the lower costs/rate for the VA), as a seller, if you want the contract to go to close, you pretty much have to agree to that stipulation. No lender will loan anyone more than what they believe they can reasonably expect to get back if the loan defaults. And as a general rule, no buyer is going to want to or willingly pay more than what a licensed, experienced appraiser says it's worth.
Thanks for the ideas Mini, but that's covered... In the contract, they agreed to pay up to 2K over appraisal as I'm leaving the lawn tractor/mower and the washer/dryer.None of those items is "new" and 2K would more than cover their value.
As for my freezer meal this evening, it will be for Sunday. I did a take and bake pizza from Papa Murphy's for tonight. I took the turkey out to cook Sunday and a couple of small rib eyes (my last) for dinner tomorrow.
Anyway, since it's a FHA loan, it requires an FHA appraiser do the appraisal, ordered by the lender, paid for by the buyer. After what happened in the big (manufactured) mortgage and housing crash, appraisers are completely unwilling to stick their necks out and appraise something higher than what they see has already sold of similar properties (comparables or comps). Obviously, their always has to be a "first" sale that goes above what's already been sold, but it will almost never be a govt backed loan sale, that sets the higher value. It will either be a cash sale or a private loan sale. Just the nature of the beast.
So essentially, I bought this place at $162K in Oct 2013, and that was on a purchase contract of $175K. It was a VA (govt backed) loan. I did 100% VA financing because I'd been recovering from a divorce, credit issues, a foreclosure (yes I lost my home in the big crash), lack of funds, and to use my VA benefit. There's no way I could have come up with the difference to pay in cash. I needed to buy a place to re-establish my credit, which was right at the precipice, and my landlord had cancelled the lease. The appraisal came in ~7% lower than the agreed to sales price. Today, the market has changed, but the buyer is doing an FHA (govt backed) loan, so again the appraised value came in 8% below agreed sales price. Just the way it goes sometimes. The thing is, if it was a cash buyer, the agreed sales price would be what it is. But when there's a lender involved, and even more so if it's govt backed (indicates the buyer doesn't have the funds/credit/ or is trying to take advantage of the lower costs/rate for the VA), as a seller, if you want the contract to go to close, you pretty much have to agree to that stipulation. No lender will loan anyone more than what they believe they can reasonably expect to get back if the loan defaults. And as a general rule, no buyer is going to want to or willingly pay more than what a licensed, experienced appraiser says it's worth.
Thanks for the ideas Mini, but that's covered... In the contract, they agreed to pay up to 2K over appraisal as I'm leaving the lawn tractor/mower and the washer/dryer.None of those items is "new" and 2K would more than cover their value.
As for my freezer meal this evening, it will be for Sunday. I did a take and bake pizza from Papa Murphy's for tonight. I took the turkey out to cook Sunday and a couple of small rib eyes (my last) for dinner tomorrow.
OneFineAcre
Herd Master
Did you see the beef brisket I cooked labor day ?
farmerjan
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Thanks for explaining the whole sell/appraisal price thing with the gov't loans and all. With what happened today with the stock market drop, and the hinting of interest rates going up, maybe you do just need to see if the REA can get it upped a little and GET OUT ASAP. I know we have ups and downs, but this whole North Korea thing can really get to be a mess and where the h*** will we be. I for one am trying to get a little more put together just for the security of survival....
OneFineAcre
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With a brisket the key is low and slow
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